,03$&7 

0,'&RQGL©¥RGRVVLQDLVGHHQWUDGDHVD¯GDWHVWH

$WHQ©¥R
&DVRDOJXPWUDEDOKRWHQKDTXHVHUH[HFXWDGRHPYH¯FXORVK¯EULGRVOHU,QVWUX©·HVGHVHJXUDQ©D

9H¯FXORVK¯EULGRVW¬PYROWDJPDOWDPHQWHSHULJRVDTXHSRGHFDXVDUFKRTXHVHO«WULFRVDUFRVRXTXHLPDGXUDV
V«ULDVHUHVXOWDUHPIHULPHQWRVJUDYHVRXPRUWH

9H¯FXOR 1|GRFKDVVL 4XLORPHWUDJHP &OLHQWH

b b b b
9DULDQWHGRPRWRU 1¼PHURGRPRWRU 8QLGDGHGHFRQWUROH31 8QLGDGHGHFRQWUROHQ¼PHURGHV«ULH
b b b b
6RIWZDUHQ¼PHUR &RQMXQWRGHGDGRV &RQMXQWRGHGDGRV b
b b b bb

$WHQ©¥R
$VXQLGDGHVGHFRQWUROHGXUDQWHDSHVTXLVDGHIDOKDVRXUHSDURVVREQHQKXPDFLUFXQVW¤QFLDGHYHPVHU
WURFDGDVHQWUHRVYH¯FXORVVHPUHSURJUDPD©¥R&RQILJXUD©·HVLQGLYLGXDLVLQFRUUHWDVQDXQLGDGHGHFRQWUROH
SRGHPUHVXOWDUHPDFLGHQWHVSHVVRDLVRXGDQRVDRYH¯FXOR3DUDDUHSURJUDPD©¥RHOHLWXUDGRVRIWZDUH
FRQVXOWDUD6H©¥RGH$MXGDQR9&$'63UR

$OLVWDGHYHULILFD©¥R«XWLOL]DGDGXUDQWHDSHVTXLVDGHIDOKDVQRVLVWHPDHO«WULFR$VPHGL©·HVV¥RUHDOL]DGDVSDUD
GHWHUPLQDUVHDIDOKDHVW£QDXQLGDGHGHFRQWUROHQDLQVWDOD©¥RHO«WULFDRXHPXPFRPSRQHQWH

8PDFµSLDGDOLVWDGHYHULILFD©¥RGHYHVHULQFOX¯GDFRPDVWUDWDWLYDVGHJDUDQWLDGDVXQLGDGHVGHFRQWUROHPRVWUDQGR
RVYDORUHVPHGLGRVSDUDDVUHVSHFWLYDVYDULDQWHVGHYH¯FXORHGHYHVHUDQH[DGD¢XQLGDGHGHFRQWUROH2VYDORUHV
PHGLGRVGHYHPPRVWUDUTXHSRGHVHUH[FOX¯GDXPDIDOKDQDLQVWDOD©¥RHO«WULFDRXHPXPFRPSRQHQWH

1RWD2VFµGLJRVGHIDOKDDEDL[RLQGLFDPXPDIDOKDLQWHUQDQDXQLGDGHGHFRQWUROH

0,'36,')0,)0,)0,
0,'36,')0,)0,)0,)0,

8PFµSLDGRFDUW¥RGHWDUHIDVGR9&$'63URHDOLVWDGHYHULILFD©¥RGHYHPDFRPSDQKDUDVWUDWDWLYDVGHJDUDQWLD
3DUDOHURVFµGLJRVGHIDOKDLQLFLDURWHVWH&µGLJRVGHIDOKDQR9&$'63UR

6HKRXYHUXPDVXVSHLWDGHTXHH[LVWHXPDIDOKDQDXQLGDGHGHFRQWUROHDVPHGL©·HVGHYHPVHUVHPSUHUHDOL]DGDV
DQWHVGHUHPRYHUDXQLGDGHGHFRQWUROH6HDVPHGL©·HVQDLQVWDOD©¥RHO«WULFDLQGLFDPXPDIDOKD«PXLWRSURY£YHO
TXHDXQLGDGHGHFRQWUROHHVWHMDVHPIDOKDV$VPHGL©·HVGHWHQV¥RGHYHPVHUUHDOL]DGDVDQWHVGDVPHGL©·HVGH
UHVLVW¬QFLD2VYDORUHVQRPLQDLVHVW¥RHVSHFLILFDGRVFRPXPDSUHFLV¥RGH

8EDW 7HQV¥RGDEDWHULD

)HUUDPHQWDVHVSHFLDLV
&DERDGDSWDGRU
&DL[DGHWHVWH
&DERGHH[WHQV¥R
0XOW¯PHWUR

&RQGL©·HVSU«YLDVDRUHDOL]DUDVPHGL©·HVGHWHQV¥R
0RWRUGHVOLJDGR
3RVLFLRQDUDFKDYHGHHQHUJLDQDSRVL©¥RGHFRQGX©¥R,,
&RS\ULJKWWRWKLVGRFXPHQWDWLRQEHORQJVWRWKH9ROYR*URXS1RUHSURGXFWLRQFRS\LQJFKDQJHDPHQGPHQWRURWKHUVLPLODUGLVSRVDOLVHQWLWOHGZLWKRXWSULRUZULWWHQFRQVHQWE\
WKH9ROYR*URXS
$LQIRUPD©¥RFRQWLGDDTXL«DWXDOQRPRPHQWRGHVXDGLVWULEXL©¥RRULJLQDOPDVVXMHLUDDDOWHUD©·HV$YLVDPRVROHLWRUGHTXHFµSLDVGHLPSUHVV¥RQ¥RV¥RFRQWURODGDV


,03$&7 

3RVL©¥RGHPHGL©¥RWHQV¥R'&QRPXOW¯PHWUR

0HGL©¥RGHWHQV¥RHPUHOD©¥R¢XQLGDGHGHFRQWUROH

0HGL©¥R 3RQWRVGHPHGL©¥R 9DORUQRPLQDO 9DORUPHGLGR 2EVHUYD©·HV

&DL[DGHWHVWH (VTXHPDHO«WULFR
$TXHFLPHQWR8% ದ ದ 8 8EDW b b
$TXHFLPHQWR8% ದ ದ 8 8EDW b b
8QLGDGHGDERPEDWHQV¥R ದ ದ 8 8EDW b b
GHDOLPHQWD©¥R
8QLGDGHGDERPEDWHQV¥R ದ ದ 8 8EDW b b
GHDOLPHQWD©¥R
/LQNGHFRQWUROH-+ ದ ದ 8 s b 
9
/LQNGHFRQWUROH-/ ದ ದ 8 s b 
9
9£OYXODGHGRVDJHP ದ ದ 8 9 b ,QDWLYR
8QLGDGHGDERPEDPDVVD ದ ದ 8 9 b b
8QLGDGHGDERPEDPDVVD ದPDVVDGR ದPDVVDGR 8 9 b b
FKDVVL FKDVVL
6HQVRUGHWHPSHUDWXUDGR ದ ದ 8 9 b b
FRQYHUVRUFDWDO¯WLFRPDVVD
7DQTXHGH$G%OXHVHQVRU ದ ದ 8 ದ b b
GHQ¯YHO 9
/LQNGHLQIRUPD©¥R-$ ದ ದ 8  b bb
9
$TXHFHGRUGDPDQJXHLUDGH ದ ದ 8 8EDWb b ,QDWLYR
VXF©¥R
9£OYXODGHDTXHFLPHQWRGR ದ ದ 8 9 b 9£OYXODDEHUWD
WDQTXH $WLYDGDFRP
R9&$'6
3URದ
6LVWHPDGR
6&5WHVWH
8 8EDW b 9£OYXOD
IHFKDGD
'HVDWLYDGD
FRPR
9&$'63UR
ದ
6LVWHPDGR
6&5WHVWH
$OLPHQWD©¥R ದ ದ 8 9 b ,JQL©¥R
GHVOLJDGD
8 8EDW b ,JQL©¥ROLJDGD
6HQVRUGHWHPSHUDWXUDGR ದ ದ 8 9 b b
WDQTXHGH$G%OXH
6HQVRUGHQ¯YHODOLPHQWD©¥R ದ ದ 8 9 b b
&RS\ULJKWWRWKLVGRFXPHQWDWLRQEHORQJVWRWKH9ROYR*URXS1RUHSURGXFWLRQFRS\LQJFKDQJHDPHQGPHQWRURWKHUVLPLODUGLVSRVDOLVHQWLWOHGZLWKRXWSULRUZULWWHQFRQVHQWE\
WKH9ROYR*URXS
$LQIRUPD©¥RFRQWLGDDTXL«DWXDOQRPRPHQWRGHVXDGLVWULEXL©¥RRULJLQDOPDVVXMHLUDDDOWHUD©·HV$YLVDPRVROHLWRUGHTXHFµSLDVGHLPSUHVV¥RQ¥RV¥RFRQWURODGDV


,03$&7 

/LQNGHLQIRUPD©¥R-% ದ ದ 8  b 

9
$TXHFHGRUGDPDQJXHLUDGH ದ ದ 8 8EDWb b ,QDWLYR
SUHVV¥R
$TXHFHGRUGRILOWUR ದ ದ 8 8EDWb b ,QDWLYR
0DQJXHLUDGHUHWRUQRSDUDR ದ ದ 8 8EDWb b ,QDWLYR
DTXHFHGRUGDXQLGDGHGD
ERPED
0DQJXHLUDGHUHWRUQRSDUDR ದ ದ 8 8EDWb b ,QDWLYR
DTXHFHGRUGRWDQTXH


FRQVXOWDUD,QIRUPD©¥RGH6HUYL©R*UXSR,03$&7*UXSR'LDJQµVWLFR/LQNVGHGDGRVSHVTXLVDGHIDOKDV
SDUDPDLVLQIRUPD©·HVVREUHDSHVTXLVDGHIDOKDV

&RS\ULJKWWRWKLVGRFXPHQWDWLRQEHORQJVWRWKH9ROYR*URXS1RUHSURGXFWLRQFRS\LQJFKDQJHDPHQGPHQWRURWKHUVLPLODUGLVSRVDOLVHQWLWOHGZLWKRXWSULRUZULWWHQFRQVHQWE\
WKH9ROYR*URXS
$LQIRUPD©¥RFRQWLGDDTXL«DWXDOQRPRPHQWRGHVXDGLVWULEXL©¥RRULJLQDOPDVVXMHLUDDDOWHUD©·HV$YLVDPRVROHLWRUGHTXHFµSLDVGHLPSUHVV¥RQ¥RV¥RFRQWURODGDV